“Low carbon emission from renewable sources and the competitive cost of
generating electricity are the factors that have led to continuous
investment in renewable energy across the world.”

The global energy transition is one of the major trends being witnessed
in the market. The power sector around the globe is undergoing a major
transition as power generation from fossil fuels is slowly being
replaced with renewable sources. The need to reduce the carbon footprint
has resulted in many countries implementing renewable energy-specific
targets and policies. In addition to policies, the rapidly decreasing
cost of renewable technologies, particularly solar and wind, has led to
a continuous increase in the production of energy from renewable sources.

In this report, Technavio analysts highlight the increasing investments
in renewable energy as a key factor contributing to the growth of the
global wind
power systems market:

Increasing investments in renewable energy

The increasing investments in renewable energy is a major factor that
has been promoting the growth of the market. The total cost of
generating electricity from renewable energy sources is more than the
cost of generating electricity from conventional sources. However, the
technology, which is used to generate electricity from renewable energy
sources is evolving rapidly, making it competitive with newly built
fossil fuel power plants.

According to a senior analyst at Technavio for power,
“Low carbon emission from renewable sources and the competitive cost of
generating electricity are the factors that have led to continuous
investment in renewable energy across the world.”

Apart from the increasing investments in renewable energy, Technavio
research analysts believe the declining cost of solar PV modules is a
major challenge. A significant challenge for wind turbine systems is the
availability of established power sources such as solar power.
Solar-based projects are one of the oldest systems, which have been used
to provide power to remote communities and grids that connect to PV
systems.

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challenges, trends, and more.

Global wind power systems market segmentation

This market research report segments the global wind
power systems market by technology (wind turbine and T&D) and
key regions (the Americas, APAC, and EMEA). It provides an in-depth
analysis of the prominent factors influencing the market, including
drivers, opportunities, trends, and industry-specific challenges.

Of the two major technology segments, the wind turbine segment held the
largest market share in 2017, accounting for nearly 72% of the market.
The market share of this segment is expected to decrease by almost 1% by
2022. However, this segment will dominate the global market throughout
the forecast period.

The APAC region held the largest share of the global wind power systems
market in 2017, accounting for a market share of close to 44%. It was
followed by EMEA and the Americas respectively, in terms of market
share. Both the APAC and EMEA regions are expected to post significant
growth during the forecast period.

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About Technavio

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